6 months on and still not exchanged - WWYD?(10 Posts)
This is a bit of a saga but will try and keep it brief. We put our house on the market in November 2012 and accepted and offer and had an offer accepted in the same month. We currently live in a 3 bed house which has good bedrooms but small living space and offered on a 3 bed with similar bedrooms but much better downstairs space (though a bit of a rubbish garden).
It's now 6 months later and we still haven't exchanged. Our vendors had offered on a new build which turned out to be dodgy. They have now offered on another new build. 2 weeks ago we were told that they were willing to break the chain and move into somewhere (rented/holiday home/caravan - not sure which) but today they have said that they will exchange and complete when they exchange which is still some weeks away. Our mortgage offer will have expired by then and it is not guaranteed that we will get an extension.
Our buyers have also been a bit rubbish. They originally told us they were chain free but in December realised they had to sell their shared ownership flat first. This meant they weren't in a position to move until early April and perhaps explains why they have been so patient up until now.
I am just so fed up with the whole process but we have very few options. We can:
a. stick with it and hope no one pulls out and it all eventually goes through and we get a mortgage extension or go through another application
b. pull out of sale and look for something else and hope buyers stick around. Problem is there is very little in our price range locally - we seem to have found the last <£250K house in the area and moving further out isn't really an option
c. Stay in our current house and remortgage to release £25K and use that to do a ground floor extension which will mean the garden can only be reached through the house (which we can live with but may be a problem when we come to sell).
d. Stay in our current house as it is and decrease our mortgage term and look for somewhere new in ~5 years
I don't think any of these options will lead to us living in a house forever as I hope we will be in a position to move to something better in the future. We have a DS who is 2 and are TTC at the moment as well. Both our current house and new house have v small 3rd bedrooms so I guess by the time it's important I would like to have 3 decent sized rooms (not really an extension option with either house). I know I am not pregnant yet so building life around a 2nd DC who may not arrive might be too much but you have to try and plan a little don't you?
Anyway, well done if you've read all this. Feel better just typing it out! Thanks.
Having hung on for so long, I'd be inclined to go for a) - and if possible start imposing deadlines and implying you will go for c or d. That should gee up the estate agents to chivvy their clients along as they will all want their commission.
Huge sympathies though - I have had a nightmare with my attempts to move. I am nearly 5 months on and back to square 1 with the house off the market, a previously-unknown problem to solve and nothing at all at the other end. It is not a happy place to be.
You have options so start setting deadlines and tell everyone that if they aren't met you will pull out. Make the deadlines reasonable but be very straight and say there is no room for negotiation.
Thanks for the replies. Sorry you are having a stressful time too relaxed. I think I just want it to all go away but we will lose money if we don't stick it out. The vendors already know we have looked at other properties but I think they are in a very strong position as what little comes on in the village sells quickly. Maybe we should say if we don't proceed before the mortgage offer expires we will pull out.
Honestly? It doesn't sound like a great move, for all the costs and hassle involved. All you're getting is more downstairs space. You'd still have the bedrooms issue and a rubbish garden. Only you know whether there's more to it, which made you certain that it was the right move. If you can hang onto this, then stick with (a) and fingers crossed it'll all come together. Otherwise, maybe it isn't meant to be and do either (c) or (d), depending on your finances/inclinations. Are schools an issue or are you okay either way?
I think if you are already planning on moving again in a few years then it isn't worth moving to this house. You won't be any further on than you are now.
Save your money, sit tight where you are now and move to the house you really want in a few years.
Hang on and wait for a better house?
Hmmm. It's difficult. On the one hand I've done my sums and we would be better off financially in 5 years if we stayed where we are (presuming both houses increased in value by the same percentage or stayed the same) but on the other hand we are so squished at the moment that our quality of life would improve a lot during that time if we had more space. We'd probably be £18K better off which is not loads but not to be sniffed at either! However, that is assuming that prices increase at the same rate as they have been for the last 3 years and that would take the new house value to £270K which is obviously a tricky selling point. We'd worst off if we converted our current house and it didn't add any value. But next door have done the same thing (though they are an end terrace but next to a garage so still no garden access) and sold for £28K more than we have have accepted on our house so it should add value.
Have been playing around with numbers in Excel today and trying to guess what will happen in the future. I think we will probably hang on for now and let the decision be made for us and keep an eye on what comes up and also maybe speak to an architect.....so at least that narrows it down to a, b or c! We've told the EA that we need dates in the next week or else (though not sure what "or else" DH said!).
Schools aren't an issue yet (and we are moving in the same village).
we had pretty much this exact situation with the house we're buying & found that what helped us most was being in direct contact with our vendors, as solicitors & estate agents were being slow at passing on messages. We also found that, by talking to them direct, we could plead our case on a more personal level so, in the end, they have exchanged before the date their solicitors suggested. We got their details by leaving our number with the ea & asking them to give us a call.
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